Why you should start your Bordon lease extension

Main reasons to commence your Bordon lease extension today:

A Bordon leasehold property depreciates with the years remaining on the lease.

Bordon leases on residential properties are gradually losing value. The shorter the remaining lease term becomes, the less it is worth – and accordingly any extension of your lease gets more expensive. Legislation has been in place for sometime now which entitles qualifying Bordon residential leaseholders to extend the terms of long leases. Where you are a leasehold owner in Bordon you must investigate if your lease has between 70 and ninety years remaining. There are compelling reasons why a Bordon leaseholder with a lease having around 80 years remaining should take steps to ensure that a lease extension is actioned without delay

Bordon property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a property with in excess of one hundred years unexpired lease term is worth approximately the equivalent as a freehold. Where an further ninety years added to any lease with more than 30 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.

Banks and Building Societies will not loan monies on a short lease

Many banks and building societies will be unwilling to lend on a lease with less than seventy years unexpired - although this varies from lender to lender. A purchaser will no doubt encounter difficulties in obtaining a mortgage and this will result in your Bordon property becoming difficult to sell or to obtain finance on.

Why use us for your lease extension in Bordon?

Irrespective of whether you are a tenant or a landlord in Bordon,the lease extension experts that we work with will always be happy to discuss any residential leasehold matters and offer you the benefit of their experience and the close ties they enjoy with Bordon valuers.

Bordon Lease Extension Case Studies:

Danielle, Bordon, Hampshire,

In the wake of eight months of protracted correspondence with the freeholder of her ground floor flat in Bordon, Danielle commenced the lease extension process just as her lease was coming close to the crucial 80-year threshold. The transaction was concluded in April 2010. The freeholder’s fees were kept to an absolute minimum.

Bordon case:

In 2013 we were contacted by Mr and Mrs. L Brown who, having owned a purpose-built flat in Bordon in April 2011. The question was if we could estimate the compensation to the landlord could be for a ninety year lease extension. Comparative properties in Bordon with an extended lease were valued about £260,000. The average ground rent payable was £50 collected annually. The lease finished in 2098. Having 72 years remaining we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 plus costs.

Bordon case:

Mr and Mrs. I Stewart took over the lease of a ground floor apartment in Bordon in May 2000. We are asked if we could estimate the price would be for a 90 year extension to my lease. Comparable homes in Bordon with an extended lease were valued about £261,600. The mid-range amount of ground rent was £60 collected every twelve months. The lease came to a finish on 18 September 2078. Given that there were 52 years remaining we approximated the premium to the freeholder for the lease extension to be between £39,000 and £45,000 exclusive of expenses.